Reason for this visit

Australia boasts a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular in the country. Australian top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. The participants in Australian forex market include banks, forex brokers, investment companies, individual investors, etc. As a forex market regulator, the Australian Securities and Investments Commission (ASIC) supervises the behaviors of all participants and the operation of markets such as financial service, securities, futures, forex, and others. The ASIC is committed to protecting investors’ rights and interests and help them avoid market risks by using more stringent regulatory systems. With the further development of financial market and economy in Australia, the local forex market will continue to grow. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Australia, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Australia to visit broker MITRADE as planned according to its regulatory address that Level 13, 350 Queen Street, Melbourne VIC 3000.

The investigators came to 350 Queen Street in downtown Melbourne of Victoria, Australia for a visit to the broker’s office on January 10, 2024, and located a commercial building at the bustling commercial street lined with numerous shops, eateries, cafes, and recreational facilities. Melbourne is the cultural, economic, and sporting hub of Australia, boasting many world-renowned attractions and landmarks such as Flinders Street Station, the Melbourne Museum, and the Royal Exhibition Building. The city has a highly developed public transportation system, including trams, buses, trains, and taxis, making it easy to navigate and explore every corner of the city.

Upon arrival at the 13th floor of the building via the elevator for further investigation, the survey personnel spotted a floor directory, which displayed the company name of MITRADE.

After proceeding to the office of MITRADE, the inspection team discovered easily the broker’s name and logo. However, there was no receptionist on duty for it was a rest day. And only part of the working area could be seen through the transparent glass door. Therefore, the team was unable to know the specific office size of the company.

Based on the on-site investigation, it’s confirmed that the broker truly has a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker MITRADE as scheduled, and found the company at its regulatory address. This denotes that the broker does have a physical business office at the place. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.